Here are some tips to sell those listings faster...
U.S. median home prices have been falling and the inventory of existing unsold residences rising. About 4.6 million homes are currently on the market. That's nearly a third more than a year ago and it would take 9.6 months at the current sales pace to sell them all, according to the National Association of Realtors.
Make sure listings are priced appropriately.
- Keep your seller's expectations realistic regarding price and what upgrades are needed to make the home marketable in the slow sales environment.
- Don't use dated comparables. A home that sold a month ago was probably put on the market 5-6 months ago, before the downturn, and doesn't accurately reflect what the home should be priced at today
- Sellers need to expect to pay for expertise, experience and aggressive marketing (making now a bad time for agent commission discounts). If anything, now is the time to pay an extra commission, especially to buyers' agents. In this market, it is often taking two good agents to make a deal go through.
- Buyers may be having a tougher time getting a good mortgage, due to the recent tightening of credit, so sellers should be willing to consider financing a part of the deal themselves, if possible.
- Remember PEA: Price, Maximum exposure through advertising, and Accessibility. If the listing isn't hitting all three of these points, the chances of it selling go way down.
- Make the property shine for showing: make sure repairs have been made, and if necessary, have the property pre-inspected prior to escrow to make sure that the seller has the chance to identify and fix any problems that might prevent a sale.
Don't forget traditional sale practices:
- Make sure the MLS and any web exposure involves detailed descriptions, and great photos.
- As a Realtor, make sure that the property is seen by as many eyeballs as possible. This means listing it not only in the MLS and on your website, but on classified ad sites such as Craigslist, Trulia, Google Base, etc.
- A great flyer is a must. Make sure the flyer box is always stocked.
- Make sure people are seeing the property. Invite neighbors (who might have friends interested in moving to the area, have a broker's open house, and several buyer open houses.
- Make sure your sellers are able to have the home accessible and in a condition for showing seven days a week (between 9 am and 7 pm daily).
